SHERMAN, TX--(Marketwire - November 16, 2007) - PACO Oil and Gas Inc. (PINKSHEETS: POGC), an
exploration company focused on purchasing undervalued oil and gas leases,
confirmed today that the company has acquired the Olson oil and gas lease
properties in the County of Washington, Oklahoma. At present, there are 5
wells (non producing) on the 105-acre properties ready for re-completion.
PACO's intentions are to carefully evaluate the potential of each well
before the commencement of any re-completion work. Previous evaluations on
the Olson lease property indicate the possibility of one or more additional
wells yet to be discovered. By 2004 Oklahoma's cumulative production has
reached more than 14.7 billion barrels of oil and it remains the
fifth-largest oil producer in the country. The State of Oklahoma's
consumption of petroleum products is about 50 percent greater than its
production of crude oil. PACO Oil and Gas Inc. expects to begin primary
assessments on the Olson wells within the next two weeks.
www.pacopetroleum.com

About PACO Oil and Gas Inc.

PACO Oil & Gas Inc. is an exploration company focused on purchasing
undervalued oil and gas leases with little or no production in the United
States. Its experienced technical team then increases the leases'
production thereby significantly increasing the value.

PACO Oil & Gas concentrates its efforts developing under valued well
communities into micro scale production facilities. These working assets
have all been refurbished and outfitted with the latest in oil recovery
equipment. Since many of these assets are shallow wells, former owners were
technically unable to reach deeper deposits. PACO has the technical team to
go further and more efficiently.

Forward-Looking Statements

Statements in this press release relating to plans, strategies, economic
performance and trends, projections of results of specific activities or
investments, and other statements that are not descriptions of historical
facts may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking information is inherently subject to risks and
uncertainties, and actual results could differ materially from those
currently anticipated due to a number of factors, which include but are not
limited to, risk factors inherent in doing business. Forward-looking
statements may be identified by terms such as "may," "will," "should,"
"could," "expects," "plans," "intends," "anticipates," "believes,"
"estimates," "predicts," "forecasts," "potential," or "continue," or
similar terms or the negative of these terms. Although we believe that the
expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements. The company has
no obligation to update these forward-looking statements.